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Saturday, December 7, 2013

The price of Bitcoin continues crash on Saturday. Bitcoin dropped from $950 to $580 in the past 12 hours but has since rebounded back to $750. Since the high around $1250, Bitcoin has been down 55% in a few days at one point. The volume really spiked yesterday when everyone was selling between $850-$900.

Bitcoin is an open sourced peer to peer digital currency that is popular with drug deals because most people say it cannot be traced. Recently, speculators have been buying Bitcoin with the hope to strike it rich. There is no telling yet if this thing is for real or will turn out to be a fad like rare earth metal stocks were.